Job openings reach historic high of almost 11 million. Why are 9 million still jobless?
CBSN
American businesses are hiring — and at historic rates, with almost 11 million job openings in July, according to the latest government data. Yet more than 9 million people were collecting enhanced unemployment benefits as of the Labor Day cutoff of those pandemic benefits, an apparent disconnect that has roiled lawmakers, policy experts and business owners.
It all boils dow to this: If there are more job openings than unemployed workers, why aren't more people coming off unemployment aid? And why are businesses struggling to find employees to wait tables, take orders and drive buses? The number of job openings in the U.S. surged to a historic high of 10.9 million at the end of July, up from 10.2 million in June, according to Job Openings and Labor Turnover Survey (JOLTS) data released by the Department of Labor on Wednesday. "For economists, this is a big mystery: If businesses are trying to expand and there is a big pool of unemployed workers, in normal times we would see big jobs growth," said Luke Pardue, an economist at Gusto, a company that handles payroll and other services for small and midsized businesses. "That matching isn't happening."
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
U.S. motorists are likely to face higher gas prices for several weeks even if crude oil remains stable, according to GasBuddy petroleum analyst Patrick De Haan. Edited by Aimee Picchi In:
The Federal Aviation Administration has grounded all JetBlue flights due to a request from the airline, the agency said in a notice on Tuesday. In:
"It's been a long time since we've had a bad event," said Lloyd Blankfein. "It's been 17 years since the financial crisis." The former CEO of Goldman Sachs, who led the bank through that historic crisis, says it happened before, so it'll happen again. In:
On the day that marks 13 years since the death of Venezuelan socialist strongman Hugo Chávez and two months after the Jan. 3 U.S. operation that captured Nicolás Maduro, the scene in Caracas looks strikingly different from the anti-U.S.-imperialism rhetoric that founded Chavismo and was echoed by his successor. In:
We may receive an affiliate commission from anything you buy from this article. In:
Companies in the U.S. that paid tariffs invalidated by the Supreme Court in February are legally entitled to refunds, a federal judge ruled on Wednesday. In:
Target will invest another $2 billion in its business this year to spruce up stores, remodel locations and invest in workers, the retailer said Tuesday as it outlined plans to try to reverse a persistent sales malaise and reclaim its footing in fashion and home categories. In:
Defense Secretary Pete Hegseth deemed artificial intelligence firm Anthropic a "supply chain risk to national security" on Friday, following days of increasingly heated public conflict over the company's effort to place guardrails on the Pentagon's use of its technology. Jo Ling Kent contributed to this report. In: